International Tax Concepts: Tax Residency Status

U.S. TAX RESIDENCY STATUS
As a general matter, all U.S. citizens and U.S. residents are treated as U.S. tax residents. A non-U.S. citizen is generally classified as a nonresident for U.S. tax purposes unless they satisfy one of two tests: the green card test or the substantial presence test. The U.S. residence tests are generally applied on an annual calendar-year basis.
The Green Card Test
An alien individual satisfies the green card test if, at any time during the calendar year, they are […]

By | October 8th, 2022 ||

The Challenges Of Tax Planning In The Current Age Of Uncertainty

It is said the future is not yet written. But the Biden Administration has a draft ready for Congress. Our Federal Tax Group gazes into the Made in America tax plan to find the many questions that await within.

The uncertainty of retroactive or prospective effective dates
Deferring income recognition and accelerating deductions may not be the best plan
Prepare to reexamine traditional tax planning strategies

In April, President Biden introduced the American Jobs Plan, […]

By | August 19th, 2021 ||

Oregon Adopts Tax Deduction Workaround For Oregon Income Taxes Attributable To Partnership And S Corporation Income

Under recently enacted Oregon legislation, certain partnerships and S corporations may elect to pay an “alternative business income tax” at the entity level. Or Laws 2021, ch 589 (SB 727). If they do so, these entities may provide an opportunity for their individual partners and shareholders to effectively deduct, on their federal income returns, Oregon income taxes attributable to partnership and S corporation income, notwithstanding the $10,000 federal individual income tax limit on the […]

By | August 16th, 2021 ||